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https://twitter.com/zerohedge/status/1623348532559093765
*BP CEO: OIL STOCKPILES ARE LOW, SPARE CAPACITY TIGHT
The response to Deltics deiscovery says it all. They might as well discovered water as far as the market is concerned
Ordinarliy this would benefit all oil and gas producers , but how can it in this climate. HMG and their new best friends the Labour party have decided on an agenda which does not involve NS, but BP,Shell the us , quator and more worryingly well i wont say it.
https://www.thetimes.co.uk/article/demand-for-oil-to-hit-an-all-time-high-says-energy-agency-wtr8lvmk2
Global oil demand will hit a record high this year, driven by the lifting of Covid restrictions in China and threatening a supply shortage, the International Energy Agency has predicted.
The agency said that oil supply from the Opec+ alliance was expected to decline owing to lower output from Russia as sanctions take effect.
“Are we going to run out of spare oil production capacity? Potentially by 2024 you start to have a serious problem.”
As Bloomberg also notes, Saudi energy minister Prince Abdulaziz bin Salman also used remarks at the Riyadh conference on Saturday to decry the lack of investment in refining capacity that has left the world undersupplied
https://www.zerohedge.com/markets/oil-face-serious-supply-problem-2024-production-capacity-runs-out-goldman-warns
We are all now unwitting therampalists thanks to the BOD. Maybe they and the largest holders wanted this to be , but i would have liked the option before this ill fated decision was made.
So now we could end up the only North sea player paying taxes to HMG. Great we wont make a profit , but now have the honor of suporting whatever this mob should decide . The only problem for me is that i was not given a vote on this and do not earn a salary from this gravy train.
Any one else pi...sed off or are you all happy to hand over your money on their terms..
Why oh why did they not simply take this private. The bod and the larger holders could have then given away everything to hmg and whoever they wanted to without some discruntled share holders moaning about losing hundreds of thousands of pounds.
A perfect scenario for good old HMG . They can force North sea assets to be shut down due to taxation . Then purchase all we need from countries who tax about half what we do. (BP,Shell to once a again benefit )Better still they then can say that we are the greenest country in the western hemisphere. HMG with Labours advice certainly know how to get votes.
Speechless, the selling has stopped and value seekers have stepped in
No brainer for MMs to squeeze people pips until they threw the towel in. Then watch them rue their school boy error as the price starts to move North. I think there will be an effort to push towards deal price
Unfortunately NS assets being mothballed is exactly what the UK government want to encourage, that is the message being sent loud and clear. Considering most of Europe want to have domestic energy security which will also help control domestic bills, it’s a peculiar angle to take. Net zero is pie in the sky, yes we can take steps but we are no where near advanced enough to reach that level, unless we palm our entire energy supply off abroad. A very dangerous move as events over last 12 months have proved
Let’s hope this attitude is a brief pandering, surely common sense has to prevail
The UK’s unstable tax regime may lead to North Sea assets being ‘mothballed’
https://www.energyvoice.com/oilandgas/481561/the-uks-unstable-tax-regime-may-lead-to-north-sea-assets-being-mothballed/
Totally agree D220 and I’ll be doing the same!
Think people are realising that from here only way is up...
Or are we all speechless?
Is the chat frozen?
I voted against the deal as I failed to see that the price was worth paying for what was on offer. However, I am going to sit tight (mostly quietly!) to see what unfolds over the next couple of years. So long as decent dividends continue to be paid, I will reserve judgement until the "big reveal" that surely must come, so we can see why large holders were so keen to vote yes. ;-)
Folk just need to stop obsessing with short term movements in the share price and focus on the long term. Or sell and get on with life.
I'd welcome a renewables asset purchase in the future, would attract a pe closer to 20 in relation to that kind of asset as opposed to the derisory pe you get on o&g assets these days
with respect NewKTOB most of the larger holders voted for the deal and the addition of oil is seen by the majority to be a benefit. I understand the frustrations of some, however, we are where we are, Oil is expected to maintain and grow in value, be in short supply and Gas has fallen , however, also expected to rally later when supply shortages become apparent again, The business will benefit imo and others on the diversification to Oil and with the offset of tax losses value will be far greater than the current sp level. That's the judgement of the SQZ board, the larger holders and others and yes analysts so value closer to 400p+ and beyond on further aquisitions etc. It's a bigger,more diverse business, with greater assets and maybe one step back for three forwards...we all have different takes, it's what makes a markets, however, we're all in it and hopefully will benefit over coming months .
Given our reserves, ~52mmboe at ~£16boe ( less than we paid for TW btw) CoH ~£500m and add in estimated Tax Losses from 2022 activity of ~£100m, that would give Serica a current valuation of ~£1.43bn or 525p/s ..... With current SP 245p/s will we have any interest between now and end of March ?
aimo & dyor
Good job we now have some oil ...haha
They just read Malcy's blog from yesterday.
Surprised,
"many analysts suggest 350p+ on completion of the deal in a few weeks..." lol, not seen any analyst that have said 350p on completion, with 40% dilution, you are having a giraffe, 350p would see most exit on opening bell, I know I would !!
zebbo,
"If the SP continues to fall, the deal could be in jeopardy..." that is more likely atm
aimo & dyor
nearly 40p less.....that should have read...
“an encouraging update” .... say it all I'm afraid !!!... "encouraging" not for current SH's atm it's not !!!
today's sp currently early 40p less than the initial figures of 278p agreed in the terms of the deal.....the 278p price was set with a view to adding further value and growth , fair value from brokers suggests closer to 400p+ and many analysts suggest 350p+ on completion of the deal in a few weeks.....241p today may appear very cheap in the rear view in a week or two :-)